Loans Glossary - Grace Period

www.securedloanscomparison.com

Loans Glossary

Grace Period

What is Grace Period

Grace period is the time after the maturity date of the loan has passed and the borrower can still make the payment with out any outstanding fees or cancellation of the loan.

For example you've taken out a loan and you didn't pay by the last day then you usually have 15-30 day grace period when you can pay it fully. This depends on what type of loan you've taken they may or may not charge interest on being late. Be careful credit cards don't have this luxury of time.

Back to G

Guarantor

Newsletter Signup